Historic Storefront with Rear
For Sale
$59,000
1318 2nd Street, Perry, IA 50220
CommercialSale, Perry, IA
Property Size504 SF
Lot Size0.08 Acres
Price / SF$117.06
Days on Market60
Property Features for 1318 2nd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Comm
Lot features
Rectangular Lot
Directions
Hwy 141 to 1st Ave in Perry. North on 1st. Right (East) on Lucinda. Left (North) on 2nd St. Property on Right. Susie's Shop.
Subdivision
Perry
Standard status
Active
APN
0210306003
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
N25' S27' LOT 8 BLK 46
Tax Annual Amount
478
Legal Description
N25' S27' LOT 8 BLK 46
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
1931
Building materials
Block
Listing Agency:
Platinum Realty LLC
(888) 220-0988
Listed By:
Nancy Wilson
(515) 360-0653
Added: Jun 24
Changed: Aug 19
Last Checked: Aug 22 at 3:06PM
MLS# 743837
Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This registered historic commercial building at 1318 2nd Street contains 504 square feet arranged with a primary retail or office area, two smaller offices, and a restroom. Constructed in 1931 with block construction, the property is zoned Comm and has electric heating.
A 0.0803-acre rear lot extends the property and includes alley access. The lot can accommodate parking or outdoor use and is located along the main business street in downtown Perry. Public water and public sewer serve the property.
A 0.0803-acre rear lot extends the property and includes alley access. The lot can accommodate parking or outdoor use and is located along the main business street in downtown Perry. Public water and public sewer serve the property.
Key Highlights
- 504 square feet of commercial space
- 0.0803‑acre rear lot with alley access
- Registered historic property constructed in 1931
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$5,123
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.68%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$102,460
$102.5K
Cap Rate 7%
$73,186
$73.2K
Cap Rate 9%
$56,922
$56.9K
Market Conditions
NOI Build-Up for 504 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$7.6K $15.00/SF
− Vacancy
−$242 −$0.48/SF
EGI
$7.3K $14.52/SF
− OpEx
−$2.2K −$4.36/SF
NOI
$5.1K $10.16/SF
Area
Dallas County, IA
Vacancy
3.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$102,460
Cap Rate 7%
$73,186
Cap Rate 9%
$56,922
Alternative Uses
Best Use
Office B
$94.9K
$83.0K – $110.7K
NOI $6,641 @ 7.0% cap · market cap 11.26%
Second Best
Retail
$73.2K
$64.0K – $85.4K
NOI $5,123 @ 7.0% cap · market cap 8.68%
Theoretical Best
Flex RnD
$485.2K
$424.5K – $566.0K
NOI $33,962 @ 7.0% cap · market cap 57.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
317
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50220, IA
9,045
Population
3,925
Households
2.3
Avg Household Size
37
Median Age
17%
College-Educated
87%
High-School Grad
100.5 sq mi
ZIP Area
90
Density / Sq Mi
$68,750
Median Household Income
$38,195
Median Earnings
$883
Median Rent
$146,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Registered historic building with retail or office space, two smaller offices, and a restroom.
Where is this storefront property located?
The property is located at 1318 2nd Street Perry, IA.
What is the asking price?
The asking price for this property is $59,000.
What are key features of this property?
This property features: 504 square feet of commercial space; 0.0803‑acre rear lot with alley access; Registered historic property constructed in 1931
